Posted on 01/07/2009 8:53:05 PM PST by Doofer
NEW YORK (Reuters) – Private-sector employers shed 693,000 jobs in December, a private employment service said on Wednesday in a report that was far worse than expected and pointed to more ugly news from the government's jobs data due later this week.
The drop, much bigger than the revised 476,000 private sector jobs lost in November, is consistent with about a 670,000 fall in December non-farm payrolls, said Joel Prakken, chairman of Macroeconomic Advisers LLC, which jointly develops the private sector employment report with ADP Employer Services.
On Friday the government will release its non-farm payrolls report, considered the most authoritative gauge of the U.S. labor market.
(Excerpt) Read more at news.yahoo.com ...
I agree with you. Manufactured just in time for the election. Just weeks before the election the main points of concern went from Iraq War and Oil to the economy crashing/the next great depression arriving.
What wonderful timing they have.
Things may get worse, but it sure seemed strange for it to reach calamity level suddenly just a few weeks before Nov. ‘08.
Yup.
The rule of thumb is that > 400K jobs in two successive reports is cause to worry about a recession.
We’re well past that point.
My bet: We’re going to see an unemployment rate over 10% by the end of 2009. If we don’t, I’ll be happy to be proven wrong.
But the economists and policy wonks have been consistently under-estimating the job losses, coupling and debt failures in this crisis, and I’m going to bet that the Fed’s 9% prediction is going to be on the low side. The Fed has yet to get one of their predictions right throughout this mess.
That's alright.
Obama's gonna change it; Obama's gonna lead us.
He'll "create" 693,000 or more gubbamint jobs.
Yes he can.
Just you wait and see!
I'll say.
Just last week ADP reported a 250,000 decline.
Initial Jobless Claims were actually 492,000, almost 100% more than the ADP number!
The Leftside press and Obama hype every politically useful statistic and then talk the economy down as hard and as viciously as they can.
Otherwise, what possible justification do the Democrats have for a government directed trillion dollar stimulus?
If Initial Claims and the Unemployment Rate come in better than expected this week, these same people will suddenly tell us that the data suck and must be ignored.
its all about the civil servants afterall.....I think we should throw another federal holiday at them just to make them feel more love....../sarcasm/
I don't trust even saving money anymore..why should we save....we're better off being losers and deadbeats....
seriously....liquor won't go bad will it?
I have a feeling there’s going to be a lot of levelling with the American people, starting January 21st.
September job losses were revised from 140 k to 402 k.
That’s probably just the 1st monthly revision. Triple in September than the Bush cabinet tried to pass off? It was just a cooked-up number.
We’re looking at a retail collapse, and our economy is 87 % consumer spending driven. That means we have no real economy right now, just ever-expanding government balance sheets.
We need a new economic engine, and the Democrats get to build it. Strange times ahead no matter what your political perspective. We’re entering a world of mass people on government benefits.
Does anyone think 20 % unemployment by the end of the year is out of the question? No retail, no office jobs. Those gigs really just fo things for people in other offices, mostly. It’s a big phony private economy all built on the back of processing retail invoices and turning them into jobs where people sit at desks all day.
What a disaster.
Worked to death, taxed to death, savings stolen.
What’s not to like?
We are already in deep doo doo. That Bush economy just keeps burning up!
McDole may be the loser, but he inherited the better fiscal plan from Romney;
Pro-Growth Tax Policy
* Keep Tax Rates Low: Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security — a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will fight the Democrats’ crippling plans for a tax increase in 2011. Left to their devices, Democrats will impose a massive $100 billion tax hike, almost $700 per taxpayer every year.
* Make It Harder To Raise Taxes: John McCain believes it should require a 3/5 majority vote in Congress to raise taxes.
* Cut The Corporate Tax Rate From 35 To 25 Percent. A lower corporate tax rate is essential to U.S. competitiveness. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace, leaving us with the second-highest rate among the world’s advanced economies.
* Reward Saving, Investment and Risk-Taking: Low taxes on dividends and capital gains promote saving, channel investment dollars to innovative, high-value uses and not wasteful financial planning. John McCain will keep the current rates on dividends and capital gains and fight anti-growth efforts by Democrats.
* Allow First-Year Deduction, Or “Expensing”, Of Equipment And Technology Investments. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.
Pro-Innovation Tax Cuts
* Ban Internet Taxes: John McCain believes we must make a farsighted, robust, and fervent commitment to innovation and new technologies to sustain our global competitiveness, meet our national security challenges, achieve less costly and more effective health care, reduce dangerous dependence on foreign sources of oil, and raise the quality of education in the United States. John McCain has been a leader in keeping the Internet free of taxes. As President, he will seek a permanent ban on taxes that threaten this engine of economic growth and prosperity.
* Ban New Cell Phone Taxes: John McCain understands that the same people that would tax e-mail will tax every text message — and even 911 calls. John McCain will prohibit new cellular telephone taxes.
* Establish Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D. This reform will simplify the tax code, reward activity in the United States, and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions.
REFORMING WASHINGTON TO REGAIN THE TRUST OF TAXPAYERS
Wasteful spending in Washington has gone from irresponsible to indefensible. Right now, even the government reports that one-fifth of programs are receiving failing marks. John McCain will restore the trust that Americans have lost in their government spending their hard earned money wisely. (John McCain’s detailed government reform plan may be found here.)
Eliminating Wasteful Spending
* Stop Earmarks, Pork-Barrel Spending, And Waste: John McCain will veto every pork-laden spending bill and make their authors famous. As President, he will seek the line-item veto to reduce waste and eliminate earmarks that have led to corruption. Earmarks restrict America’s ability to address genuine national priorities and interfere with fair, competitive markets.
* Leadership, Courage And Choices: Reduced spending means making choices. John McCain will provide the courageous leadership necessary to control spending, including:
o Eliminate broken government programs. The federal government itself admits that 1 in 5 programs do not perform.
o Reform our civil service system to promote accountability and good performance in our federal workforce.
o Eliminate earmarks, wasteful subsidies, and pork-barrel spending.
o Reform procurement programs and cut wasteful spending in defense and non-defense programs.
Budgetary Reform To Give Tax Cuts A Fair Chance
* Congress Has Unfairly Stacked The Deck To Spend More And Raise Taxes.
o If a spending program is on the books, budgets assume that it is on the books forever — and continues to grow — even if the law says it expires.
o If low taxes are on the books, budgets don’t assume that they last forever. When they expire, those taxes are automatically raised.
o John McCain will reform budgeting to treat equally spending and taxes and to stop damaging tax hikes.
Now we know the size of his civilian national security force he wants to create........
Of course the economy is going into the $*iter, the Government is sucking up every available investment dollar to finance it's super deficit.
This payrolls report comes out monthly in advance of the jobs numbers released by the gov’t on the 1st Friday of each month and is the (alleged) definitive report.
When the economy was growing and the private report was forecasting huge job creation it was routinely dismissed by the lib media as being inaccurate.
Yes, I agree.
But now that Obammie the Commie is in charge, they will be shouting at the top of their lungs to try to drown out His voice.
People will play by the rules...to a limit, as the Laffer curve demonstrates.
However, with Obammie the Commie's promise to expand government and his intimations regarding some sort of ‘government-run civilian militia’ (Orwellian ‘newspeak’ like I've never heard), there could suddenly be a sharp increase of ‘drop-in audits’ on businesses everywhere.
Both.
What happened on July 24th, 2008?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.